Building Blocks for a Successful Business

February 2, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

1. Start with your passion. This is your WHY, and move on from there.  Many people want to start a business but the startup world is not for the faint of heart, and if you lack passion you and everyone around you will feel it. If you are in it just for the money, everyone will feel that too. Enjoying your business makes it that much sweeter when you see the impact it makes on your customers.  Passion doesn't guarantee success, but a lack of it foreshadows failure.

 

2. Solve a real problem. Follow the MVP ideal and make sure that you have a minimum value product to see if there really is a market for what you think is a pain point. Lots of businesses fail because they were trying to solve a problem they think exists.  You want to be 100% sure there is a problem and your business has a great situation for the problem. I was able to start a coaching/consulting business because I know there were entrepreneurs that wanted to scale their business toward one million-dollars and beyond and they know the "What" and I supplied the "HOW" I would have a successful business. Simply put, they confirmed my belief.

 

3. Build an inner circle. Contact someone that is an expert in your industry and reach out to them and continue  until you have successfully found a mentor. One of the most important things you can do is find people who have a lot of practical business wisdom and sit at their feet to learn. Find ways to build relationships with people who are leaders in the industry you want to be in, and build an inner circle. Social Media  have made it much easier to build strategic relationships, so be sure to use those tools often. Building a business is tough enough so make sure that you do everything you can to connect with others AHEAD of you.

 

4. Be resourceful. The hardest lesson I've had to learn over the years is that whatever I think I need to buy for my business can probably be built or completed for nearly no cost. Even if you have the cash to spend, force yourself to be as creative as possible, there are all types of ways to enjoy the process as well.  Once you begin having to be creative in business, it opens the door to other forms of thinking. 

 

5.  People-Attracting the right talent from the beginning is one of the most important building blocks for a successful business.  People matter from your advisers, suppliers, employees and partners all have a tremendous impact on your business 

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